What's gonna happen??

[lilblond75]

Never know unless you play!!!!

My mom won one-hundred thousand dollars on power ball about 2 years ago!!!!

And she still plays!!

HAPPY BIRTHDAY!!!!!!!!

 

[TruBlu03]

I purchased a wide assortment of lottery type tickets today, keeping my fingers crossed Damn, winning a Cobra R, how sweet is that!

Mom said she'd bake me a cake and bring it over. The way I figure it, if I don't win anything, achieve some sort of higher existance, have a mega hot girl fall madly in love with me or become filthy stinking rich. I'll still be ahead of the curve since I'm getting some cake!

Thanks all, have a :beer: on me!

 

[DAVESVT2000]

Yeah, I couldn't believe it either, but it really did happen. SVT Enthusiast magazine did a little write up on me and my good fortune in the Jan. 02 issue. The only down side, if you can call it that, was any time you win a prize, it is considered earned income, and you have to pay income tax. In my case the car was appraised at $60,000 for the raffle, and I had to come up with $17,000 Federal and $4,000 state tax before I could get my car. But look at it this way, a 2000 R for $21,000, that's the deal of the century in my book.
But after that, everything went back to normal, can't even win a free soda off a Coke bottle cap. So I guess I've used up all my luck for now. just have to wait another 35 years
:beer:

 

[TruBlu03]

So in reality, uncle sam is the actual winner from these things. I never would of thought about having to pay tax on winning a car, seems kinda shty to me. Still not a bad deal overall if you can pay the tax but wtf is a guy making $20k a year gonna do if he wins it? Seems like the only options are borrowing the tax cash or selling it outright before delivery. I wonder how many millions uncle sam takes in each year off of lottery and gambling winnings??

 

[DAVESVT2000]

I took me about a month to put the whole deal togther, some $ out of savings, some $ out of stocks, etc., and then provide proof from the IRS to Mothers Against Drunk Driving that the tax had indeed been paid, before they would release the car. Then had to arrange to have the car shipped from Detroit to Mass., that took a few more weeks, so all together, about 7 weeks. Then the car finally got here, it was end of Nov. 2001, and I drove it from the mall where I met the rig straight to my garage and had to put it away for the winter. :cryying:

Yeah, most people don't realize the taxes involved. That's why many raffles offer a cash option, or like in my case, there were about 4 buyers that offered to buy my car, but only offered in the low to mid 40's, and then I still would have had to pay tax on the cash, but luckily this option never was a consideration for me.

 

[sohowcome]

Originally posted by DAVESVT2000
I took me about a month to put the whole deal togther, some $ out of savings, some $ out of stocks, etc., and then provide proof from the IRS to Mothers Against Drunk Driving that the tax had indeed been paid, before they would release the car. Then had to arrange to have the car shipped from Detroit to Mass., that took a few more weeks, so all together, about 7 weeks. Then the car finally got here, it was end of Nov. 2001, and I drove it from the mall where I met the rig straight to my garage and had to put it away for the winter. :cryying:

Yeah, most people don't realize the taxes involved. That's why many raffles offer a cash option, or like in my case, there were about 4 buyers that offered to buy my car, but only offered in the low to mid 40's, and then I still would have had to pay tax on the cash, but luckily this option never was a consideration for me.

Talk about a Cinderella story, at least she was won by a person who takes car of her and makes her a garage queen ;-)

 

[DAVESVT2000]

Well, I wouldn't say garage queen. I mean, the car does only see nice weather and car shows, but last summer took her to Watkins Glen for Car Guys Driving school, had it up to 140 on the back straight in fourth, and this summer I am taking it to Detroit for the FORD Centennial, with two days of open track driving at Gingerman raceway. I can't wait. Then there's Lime Rock Park, not to far from me, and the MCA 40th celebration next year at Nashville Superspeedway, again with open track time. She'll see plenty of track time in her life.... But for now, 3 foot ground cover of snow here in Central Mass., yeah, I guess it is a garage queen for half the year, but not by choice.

 

[FordSVTFan]

Originally posted by LLCoolStang
So in reality, uncle sam is the actual winner from these things. I never would of thought about having to pay tax on winning a car, seems kinda shty to me. Still not a bad deal overall if you can pay the tax but wtf is a guy making $20k a year gonna do if he wins it? Seems like the only options are borrowing the tax cash or selling it outright before delivery. I wonder how many millions uncle sam takes in each year off of lottery and gambling winnings??

In New Jersey every year along the various boardwalks, they have summer long raffles for cars that are either donated by local dealers or bought cheap. The proceeds usually benefit a local volunteer fire dept or alike.

About 5 or 6 years ago this guy won a Corvette. He started the same ordeal with the taxes and then someone gave his the bright idea to challenge the tax on it. I dont recall his lawyers exact arguement but it was based on the fact that he only paid $1 for the raffle ticket and that his cost of ownership was still indeed only $1. He did win the taxation case but that may have only been for the NJ State tax. It had a lot to do with the fact that he was keeping the car. If he had sold the car at that point he would have had a net gain and would have been taxed fully.

 

[KevinB120]

Damn skippy dave!!!! i think i won 5 dollars on a scratch ticket once:rollseyes...........HAPPY BIRTHDAY LL, but too many threes, id just stay at home and not leave the house:rolling:

 

[ssssnake]

Well, it's the day after LL. How was your birthday? Hope it was a good one! Anything unusual happen?

 

[TruBlu03]

Pretty much like any other birthday. Nothing special to speak of. I did eat half of my birthday cake though

 

[Blackshoe]

A day late, I know but....
Yesterday the state of NC redesignated the highway from Charlotte to Kannapolis "Highway 3". The ceremony was in front of DEI shop.
Side note: My wedding anniversary is Feb 18. Big E died that day. Wife is bummed of course. hehe